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                                       City of Muskegon
                                        Fiduciary Funds

         STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS

                              Year Ended December 31, 2003

                                                                        Pension
                                                                          Trust
Additions
   Contributions                                                   
      Member                                                                     750,332
                                                                  $            
      City                                                                     1,444,201
                                                                             
   Total contributions                                                         2,194,533
                                                                             
   Net investment income                                           
      Interest and dividends                                                        75,425
                                                                                  
      Net increase in fair value
       of investments                                                     13,338,550
                                                                           
Total additions                                                           15,608,508
                                                                           

Deductions
   Benefit payments                                                            4,419,135
                                                                             
   Refunds of contributions                                                      324,168
                                                                                
   Administrative expenses                                                       264,245
                                                                                
   Transfers out                                                               1,179,938
                                                                             
Total deductions                                                               6,187,486
                                                                             

   Change in net assets                                                        9,421,022
                                                                             

Net assets at beginning of year                                           73,378,655
                                                                           

Net assets at end of year                                                 82,799,677
                                                                  $       
 

















The accompanying notes are an integral part of this statement.